Rapido to raise Rs 250 Cr in Series E funding from Prosus
The funding is part of Rapido's Series E round as the the ride-hailing firm looks to expand its services in India.
Ride-hailing app Rapido is raising Rs 250 crore from global technology investor Prosus, according to a Registrar of Companies filing.
YourStory had earlier reported that Prosus is eyeing a stake in the Bengaluru-based startup after Rapido managed to break the duopoly of US-based Uber and Bhavish Aggarwal-led Ola Consumer in the ride hailing space in India.
The latest fundraise will grant Prosus, which made the investment through MIH Investments One B.V., a 2.9% stake in the company.
According to regulatory filings, Roppen Transportation Services Pvt Ltd has sought the approval of its shareholders to issue 47,743 Series E compulsorily convertible preference shares to Prosus at an issue price of Rs 52,467 per share, along with one equity share at the same price.
Rapido last raised $200 million in September from a group of investors, including WestBridge Capital and Nexus Venture Partners, at a unicorn valuation.
Some of the company’s early investors, including AdvantEdge and a few angel investors, will be looking to offload some stake in this round, YourStory had reported.
The ride aggregator has doubled down on expanding its services across the country after finding success in a market dominated by Uber and Ola. Last month, the company said it will expand to 500 cities this year.
According to the company, it facilitates around 3.6 million rides daily.
In an interview with YourStory last year, the company’s Co-founder and CEO, Aravind Sanka, had disclosed the company’s expansion plans.
"The theme is launching new cities and going deeper into existing markets by investing in new use cases and also solving the barriers for people to use ride-sharing,” he said.
Rapido reported a gross order value (GOV) of Rs 2,461 crore in Q2 FY25 compared with Rs 977 crore in the year-ago quarter.
GOV represents the total value of all orders placed within a particular period and is measured before any deductions.
Edited by Swetha Kannan
